Astrosystems Limited - Limited company accounts 25.1

REGISTERED NUMBER: 03641151 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

ASTROSYSTEMS LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

Mr C Y Kwan

Mr S W Tam

Mr K C Liu

SECRETARY:

Ms DS Malin

REGISTERED OFFICE:

Unit B6

Grove Business Park

Wantage

Oxfordshire

OX12 9FA

REGISTERED NUMBER:

03641151 (England and Wales)

AUDITORS:

Bronsens Accountants Limited

Chartered Certified Accountants

Statutory Auditors

Eden House

Two Rivers Business Park

Witney

Oxfordshire

OX28 4BL

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

Mr C Y Kwan

Mr S W Tam

Mr K C Liu

Other changes in directors holding office are as follows:

Mr M H Cheng - resigned 31 December 2025

DIRECTORS' LIABILITY

The company has indemnified the directors of the company against liability in respect of proceedings brought about by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity was in force throughout the year.

GOING CONCERN

The company experienced a downturn in trade over recent years as a result of the increased trend to a cashless society. This year turnover has remained fairly consistent. At the time of approving these financial statements, the directors have a reasonable expectation that, with the support of the group, the company has adequate resources to continue in operational existence for the foreseeable future.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Bronsens, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr C Y Kwan - Director

25 August 2026

Opinion

We have audited the financial statements of Astrosystems Limited (the 'company') for the year ended 31 March 2026 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Burton BSc FCA (Senior Statutory Auditor)

for and on behalf of Bronsens Accountants Limited

Chartered Certified Accountants

Statutory Auditors

Eden House

Two Rivers Business Park

Witney

Oxfordshire

OX28 4BL

25 August 2026

TURNOVER

1,292,910

1,256,230

Cost of sales

754,821

765,598

GROSS PROFIT

538,089

490,632

Distribution costs

87,780

22,293

Administrative expenses

300,526

331,495

388,306

353,788

149,783

136,844

Other operating income

72,559

76,838

OPERATING PROFIT and

PROFIT BEFORE TAXATION

222,342

213,682

Tax on profit

-

PROFIT FOR THE FINANCIAL YEAR

222,342

213,682

FIXED ASSETS

Tangible assets

5

940,319

960,226

Investment property

6

950,503

978,459

1,890,822

1,938,685

CURRENT ASSETS

Stocks

442,857

283,544

Debtors

7

147,686

99,498

Cash at bank and in hand

315,387

367,808

905,930

750,850

CREDITORS

Amounts falling due within one year

8

4,022,204

4,137,329

NET CURRENT LIABILITIES

(3,116,274

)

(3,386,479

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,225,452

)

(1,447,794

)

CAPITAL AND RESERVES

Called up share capital

9

2

Retained earnings

(1,225,454

)

(1,447,796

)

SHAREHOLDERS' FUNDS

(1,225,452

)

(1,447,794

)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 25 August 2026 and were signed on its behalf by:

Mr C Y Kwan - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 April 2024

2

(1,661,478

)

(1,661,476

)

Changes in equity

Total comprehensive income

-

213,682

Balance at 31 March 2025

2

(1,447,796

)

(1,447,794

)

Changes in equity

Total comprehensive income

-

222,342

Balance at 31 March 2026

2

(1,225,454

)

(1,225,452

)

1.	STATUTORY INFORMATION

Astrosystems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

2.5% on cost

Plant and machinery

-

20% on cost and 3-4 years

Fixtures and fittings

-

3-5 years

Motor vehicles

-

4 years

Investment property

Investment property is stated at cost less accumulated depreciation and any impairment losses. Depreciation is calculated on the straight line basis to write off the cost of each investment property to its residual value over its estimated useful life. The directors have assessed that the useful life of the investment property is 40 years, so it is depreciated at a rate of 2.5% on cost.

Stocks

Stock and work in progress has been valued at the lower of cost and net realisable value.

Consumables and finished goods for resale have been valued at purchase cost on a first-in, first-out basis. Work in progress and finished goods have been valued at the cost of direct materials and labour plus attributable overheads based on a normal level of activity.

Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and subject to an insignificant risk of change in value.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. Deferred tax on non-revalued freehold property has not been provided for where there is no binding agreement to sell.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable to the scheme are charged to the profit and loss account in the period to which they relate.

Going concern

The financial statements have been prepared on a going concern basis, the validity of which depends upon the continued support of the group and the development of substantial new sales in order to cover overheads. The parent company has confirmed its continued support for the foreseeable future.

If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities that might arise and to reclassify fixed assets as current assets.

Trade debtors

Trade debtors are amounts due from customers for machines sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3.	EMPLOYEES AND DIRECTORS

31.3.26

31.3.25

£

Wages and salaries

386,700

299,114

Social security costs

38,313

26,076

Other pension costs

11,408

9,568

436,421

334,758

The average number of employees during the year was as follows:

31.3.26

31.3.25

Administrative staff

4

Production and technical services

3

Sales and distribution

2

1

9

8

The directors of the company are also directors of a number of companies within Astrosys International group. As such the directors do not consider that they have received any remuneration for their incidental services to the company for the years ended 31 March 2026 and 31 March 2025.

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.26

31.3.25

£

Depreciation - owned assets

58,566

58,785

Auditors' remuneration

8,002

7,377

Foreign exchange differences

(98,255

)

(62,615

)

5.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

COST

At 1 April 2025

1,090,205

30,501

50,904

127

1,171,737

Additions

-

10,703

-

10,703

Disposals

-

(357

)

(127

)

(484

)

At 31 March 2026

1,090,205

30,501

61,250

-

1,181,956

DEPRECIATION

At 1 April 2025

136,276

28,660

46,448

127

211,511

Charge for year

27,255

689

2,666

-

30,610

Eliminated on disposal

-

(357

)

(127

)

(484

)

At 31 March 2026

163,531

29,349

48,757

-

241,637

NET BOOK VALUE

At 31 March 2026

926,674

1,152

12,493

-

940,319

At 31 March 2025

953,929

1,841

4,456

-

960,226

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2025

and 31 March 2026

1,118,239

DEPRECIATION

At 1 April 2025

139,780

Charge for year

27,956

At 31 March 2026

167,736

NET BOOK VALUE

At 31 March 2026

950,503

At 31 March 2025

978,459

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

Trade debtors

107,677

71,172

Prepayments

40,009

28,326

147,686

99,498

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

Trade creditors

57,187

82,702

Amounts owed to group undertakings

3,904,696

3,941,728

Social security and other taxes

12,337

8,842

VAT

17,197

29,173

Other creditors

2,089

1,438

Accruals

28,698

73,446

4,022,204

4,137,329

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.26

31.3.25

value:

£

2

Ordinary

£1

2

10.	PENSION COMMITMENTS

The company participates in a stakeholder pension scheme to which all employees are entitled to contribute. Unpaid contributions included in other creditors as at 31 March 2026 were £2,089 (2025: £1,438).

11.	RELATED PARTY DISCLOSURES

During the year, the following transactions with related parties took place:

Astrosystems Inc.

The company purchased goods for £11,518 (2025: £17,679) and sold goods for £750 (2025: £7,700). Payments of £10,531 (2025: £9,230) were made to Astrosystems Inc. Freight charges of £237 (2025: £748) were charged to Astrosystems Inc.

At the balance sheet date, the amount due to Astrosystems Inc, a fellow subsidiary, was £nil (2025: £nil).

Microsystem Controls Pty Limited

The company purchased goods for £2,539 (2025: £1,036) and sold goods for £4,477 (2025: £1,708). Payments of £2,001 (2025: £813) were received from Microsystems Control Pty Limited. Testing currency of £nil (2025: £nil) was sold by Microsystem Controls Pty Limited. Freight charges of £63 (2025: £140) were charged to Microsystems Controls Pty Limited.

At the balance sheet date, the amount due to Microsystem Control Pty Limited, a fellow subsidiary, was £nil (2025: £nil).

Astrosystems (Far East) Limited

The company purchased goods for £791,177 (2025: £594,656). Payments of £640,932 (2025: £1,038,000) were made to Astrosystems (Far East) Limited by the company. Expenditure of £69,200 (2025: £57,162) was recharged by the company to Astrosystems (Far East) Limited. An adjustment of £118,080 (2025: £83,048) was posted to the intercompany balance to account for the effect of currency rate movements over the year.

At the balance sheet date, the amount due to Astrosystems (Far East) Limited, a fellow subsidiary, was £3,904,696 (2025: £3,941,731).

All of the above companies are members of the same multinational group.

12.	ULTIMATE PARENT COMPANY

Astrosystems Limited is a wholly-owned subsidiary undertaking of Astrosys International Limited, a company registered in the British Virgin Islands.

The ultimate parent company and controlling party is Modern Field Holdings Inc., a company registered in the British Virgin Islands.